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TESTE A private not-for-profit hospital provides medical care for a variety of patients. The following activities occurred in the first quarter of 2020. a. Received

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TESTE A private not-for-profit hospital provides medical care for a variety of patients. The following activities occurred in the first quarter of 2020. a. Received a donation of Amazon stock valued at $10,000,000. The donor stipulated that 75% of the stock is to be sold and the proceeds are to be used for the construction of a new cancer treatment center. The remaining 25% is to be retained with dividends used to support equipment purchases. b. The hospital sold the shares of Amazon stock as directed in b for $7,600,000. C. The hospital received $50,000 of dividends on the remaining shares of Amazon stock. d. The hospital purchased medical testing equipment for $30,000 utilizing funds generated from the dividends received on Amazon stock. Required: 1. Prepare journal entries for the transactions described above. 2. Prepare a Statement of Activities that reflects the changes in net assets for unrestricted, temporarily restricted, and permanently restricted net assets. SE

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